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Question
Refer to the following information about the Shaping Department of the Minnesota Factory for the month of August. Minnesota Factory uses the FIFO method of inventory costing.| Equivalent Units | Total Cost | |
| Beginning Work in Process: | ||
| Costs from prior month | $ 7,000 | |
| Materials added | 300 | |
| Labor and overhead added | 375 | |
| Started and completed goods: | ||
| Materials added | 2,000 | |
| Labor and overhead added | 2,000 | |
| Ending Work in Process: | ||
| Materials added | 320 | |
| Labor and overhead added | 360 |
The cost per equivalent unit of materials is $10.00, and the cost per equivalent unit of labor and overhead is $22.00.Prepare a cost reconciliation for the month of August.
Answer
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